We’re going to see this headline a lot in 2023

I Think I See a Trend

The median price of single-family houses sold via the Phoenix area MLS was down 3% from a year earlier, according to preliminary data for December 2022.

The key question right now for the 2023 Phoenix real estate market is, “Will Phoenix house prices increase like they normally do in February?”.

We can get a good feel for what the median sale price will be in February by following the median price of houses that go pending (under-contact) in January.

If the median price goes against the typical seasonal trend and does NOT increase in February, that would be a very bad sign for the rest of 2023. Pull up a chair and let’s see what happens.

Click on the graphs to go to the full-size, interactive version.

Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).

This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.